Argosy Real Estate Partners Acquires Hilton Garden Inn Boston-Burlington in Burlington, MA
We are pleased to announce that Argosy Real Estate Partners, in partnership with Arbor Lodging Partners, has acquired the Hilton Garden Inn Boston-Burlington (the “Property”), a 180-room select-service hotel located in Burlington, MA, a northern suburb of Boston, MA. The Property is located directly across from the entrance to I-95 and adjacent to the 1.2 million sf Burlington Mall and shopping district. According to CoStar, Burlington is one of Boston metro’s strongest suburban corporate submarkets with over seven million square feet of office space.
Originally constructed as a full-service hotel, the four-story, brick and concrete hotel was converted to a Hilton Garden Inn in 2006 and contains an indoor pool, business center, bar/restaurant, and three meeting rooms totaling 4,457 sf. The Property will undergo a significant capital expenditure program that will upgrade the guestrooms, guest bathrooms, exterior, lobby, bar/restaurant, pool, and other common areas.
Argosy’s Operating Partner on the investment is Arbor Lodging Partners (“Arbor”). Arbor is a vertically-integrated hotel investment and management company headquartered in Chicago, IL. Arbor owns a portfolio of over 38 hotels throughout the United States that consists of premier-branded (Marriott, Hilton, and Hyatt) select-service and limited-service hotels. Arbor’s management affiliate, Arbor Lodging Management, will manage the hotel and oversee the planned renovation.